Compare Merrill Edge vs SoFi Invest


Online brokers compared for fees, trading platforms, safety and more. See how Merrill Edge stacks up against SoFi Invest!

Merrill Edge vs SoFi Invest
overall rating
4.8
4.4
overall pros
  • Low trading fees
  • Easy and seamless account opening
  • Strong parent company
  • Free stocks and ETFs
  • Fast and fully digital account opening
  • Great customer support
overall cons
  • Limited to US clients and products
  • No demo trading
  • Limited options to deposit/withdraw from accounts
  • Available only for US clients
  • Limited product portfolio
  • Basic research tools
fees
4.4
  • Low trading fees
  • Low non-trading fees
  • Low stock and ETF fees
  • High financing rate
5.0
  • Free stocks and ETFs
  • No withdrawal fee
  • No inactivity fee
account opening
5.0
  • Fast
  • Fully digital
  • No minimum deposit
4.4
  • Fast
  • Fully digital
  • No minimum deposit
  • Only US clients
deposit and withdrawal
2.2
  • Free withdrawal
  • No deposit fee
  • User-friendly
  • Credit/Debit card not available
  • Only one account base currency
  • Slow withdrawal - over 3 days
2.2
  • Free withdrawal
  • No deposit fee
  • User-friendly
  • Credit/Debit card not available
  • High fee for wire withdrawals
web trading platform
4.3
  • User-friendly
  • Clear fee report
  • Two-step (safer) login
  • Limited customizability (for charts, workspace)
3.2
  • User-friendly
  • Two-step (safer) login
  • Modern design
  • Limited customizability (for charts, workspace)
  • Limited order types
  • No unique price alerts
mobile trading platform
4.8
  • User-friendly
  • Two-step (safer) login
  • Touch/Face ID login
  • Poor search function
4.5
  • User-friendly
  • Two-step (safer) login
  • Modern design
  • Limited order types
  • No unique price alerts
desktop trading platform
markets and products
2.3
  • Stock
  • ETF
  • Fund
  • Bond
  • Options
1.7
  • Stock
  • ETF
  • Crypto
research
4.0
  • Trading ideas
  • Data on asset fundamentals
  • Quality news flow
  • Limited interactive charting
  • No/limited set of analytic tools
2.0
  • User-friendly
  • Limited interactive charting
  • Limited fundamental data
customer service
4.5
  • Phone support
  • Live chat
  • No email support
4.3
  • Live chat
  • Fast response time
  • Relevant answers
  • No 24/7 support
education
3.5
  • Trading platform tutorial
  • Educational videos
  • No demo account
1.5
  • Articles on SoFi blog
  • No demo account
  • No trading platform tutorial videos
  • No webinars
  • Majority of clients belong to a top-tier financial authority
  • High level of investor protection
  • Banking background
  • No negative balance protection
  • Majority of clients belong to a top-tier financial authority
  • High level of investor protection
  • Does not hold a banking license
  • Not listed on stock exchange
recommended for Investors and traders who looking for low fees, quick account opening, and simple platforms Beginners and investors looking for zero-commission trading, focusing on the US market
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